Qatar strikes $6-billion deal with China shipyard for LNG carriers

QatarEnergy has struck a USD 6-billion deal with the China State Shipbuilding Corporation (CSSC) to build 18 of the largest LNG carriers ever constructed, the Qatari NOC said on Monday.

Under the deal, CSSC will build 18 ultra-modern QC-Max size LNG vessels, with the first eight to be delivered in 2028 and 2029.

In February, QatarEnergy announced plans to expand production in its North Field, the world’s largest known gas reservoir, and increase the country’s LNG production capacity by at least 16 million tpy. The move is in addition to a 49-million-tpy expansion project already underway, meaning a total of 142 million tpy is targeted by 2030.

Global trade in LNG reached 404 million tonnes in 2023. That year, the USA bumped Qatar out of the top spot among global LNG exporters.

Earlier this year, gas heavyweight Shell forecasted a rise of 50% in LNG demand by 2040, with particular growth in Asian markets.